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June 12th, 2020

PPP Loan Forgiveness

The Paycheck Protection Flexibility Act of 2020 has recently been enacted. This law is intended to relieve some of the challenges associated with the forgiveness provisions included in the original Paycheck Protection Program (PPP). SBA and the Department of the Treasury have indicated that formal guidance will be issued soon to provide banks and PPP borrowers with assistance clarifying how this new rule will affect forgiveness of PPP balances.  Once this guidance has been issued, SaviBank will provide an update on the process to be used for requesting forgiveness of PPP loan balances.

About SaviBank

SaviBank (formerly known as Business Bank) is a commercial bank chartered in the State of Washington with a community bank focus. The Bank began operations April 11, 2005. SaviBank proudly serves Skagit, Whatcom, and Island Counties with branches in Anacortes, Burlington, Bellingham, Concrete, Freeland, Mount Vernon, Oak Harbor, and Sedro-Woolley. The Bank provides loan and deposit services to customers who are predominantly small and middlemarket businesses and individuals in and around Skagit, Island, and Whatcom counties. As a locally-owned community bank, we believe that when everyone becomes Savi about their finances, our entire community benefits. Call us or stop by one of our branches and we’ll show you how to bank Savi. For additional information about SaviBank visit https://www.savibank.com.

Contact
Mike Cann, Chairman of the Board & CEO
Andy Hunter, President
(888) 707-2060